Davis Polk advised underwriters represented by BNP Paribas, Deutsche Bank AG, London Branch and J.P. Morgan Securities plc in connection with the offering of $2.5 billion aggregate principal amount of notes issued by Merck & Co., Inc. (Merck). The notes were offered in three tranches, maturing in 2021, 2026 and 2034.

Davis Polk also advised Citigroup Global Markets Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments, Inc. as dealer managers in connection with Merck’s concurrent cash tender offer to purchase any and all of its 6.3% debentures due 2026, 6.4% debentures due 2028, 5.95% debentures due 2028, 6.5% senior notes due 2033, 5.75% notes due 2036, 5.76% notes due 2037, 6.55% senior notes due 2037 and 5.85% notes due 2039. The tender offer is being funded with the proceeds from the notes offering.

Merck is a global health care company that delivers innovative health solutions through its prescription medicines, vaccines, biologic therapies, animal health and consumer care products, which it markets directly and through its joint ventures.

The Davis Polk corporate team included partner Richard A. Drucker and associate Kavita Paw. The tax team included partner Lucy W. Farr and associate Neetin Gulati. The environmental team included counsel Loyti Cheng and associate Kevin J. Klesh. Associate David R. Bauer provided intellectual property advice. All members of the Davis Polk team are based in the New York office.